Wednesday, 1 October 2014
Last updated 9 hours ago
Nov 15 2011 | 11:04am ET
Sino-Forest Corp., the Chinese timber company that ranks among Paulson & Co's most disastrous investments in a disastrous year, said today that the fuss was much ado about nothing.
The Toronto-listed company said today that an independent investigation had refuted a June 1 report from short-seller Muddy Waters that sent its share price into a tailspin. Muddy Waters accused Sino-Forest of overstating its timber holdings in China.
While the committee was unable to verify Sino-Forest's valuation of its forestry holdings, it did confirm its timber assets and titles, Sino-Forest said, rejecting the "substance" of Muddy Waters' allegations.
"This report proves that Sino-Forest is a real company with real assets, real revenue and in huge stark contrast to Muddy Waters' allegations," CEO Judson Martin said. Martin blasted Muddy Waters for a "basic lack of knowledge of how forestry rights work in China."
Muddy Waters' Carson Block rejected the report, noting that its timing "makes clear that the directors and officers are responding to the criminal investigation announced last week by the integrated market enforcement team of the Royal Canadian Mounted Police."
Paulson sold its entire 12.5% stake in Sino-Forest in the weeks following the allegation. The hedge fund said it lost C$562 million on the investment.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...